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Common-Sense Scam Prevention Tips

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In the remittance universe, scam prevention is a team effort between the customer and money transfer company. If you do encounter any suspicious or unauthorized activity in your account, you should contact your provider immediately. In those cases, the money transfer company should immediately secure your account, conduct a thorough investigation and, if it turns out that someone has hacked into your account and sent money in your name, your money transfer company’s policy should be to cover you for the full amount of the unauthorized transaction.

Many of the top money transfer companies provide tips on their websites to help you protect yourself from harmful situations when sending money back home. The different types of scams are well-documented and a few online searches can provide a comprehensive list of the most “popular” scams in use today.

Here, we will quickly summarize a few of the most commonplace scams, just to give you an idea of what is out there and a few suggestions about how to spot them and prevent them from ever causing you trouble.

Send Only to People You Know – This is just common sense. Only send money to the family or someone you know well. Don’t send a dime to anyone you don’t know. Strangers will try all sorts of creative ways to con you out of your money. Family and friends only. Period.

Be Vigilant – Always be on the alert for scammers with offers that are too good to be true or who send you alarming messages that someone close to you is sick or in danger and needs money sent right away to prevent some sort of disaster. Other all-too-familiar categories of scams include lotto winnings, disaster relief, loans, classified ad purchases, fake checks, romance and a host of others. Bottom line: If you’re not totally convinced right away that it is a scam, independently verify with another family member or friend so you can be 100% sure whether it’s a scam or legitimate (rare).

Safeguard Your Password – Here’s another very important reminder: Don’t give out your password. And don’t create a password that might be easy for someone else to guess. Complex combinations of letters, numbers and symbols will go a long way to preventing any unauthorized person from gaining access to your account. If you do think your password may have been compromised, change it immediately and contact your provider.

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